STORY FROM: Reinsurance & Arbitration

N.Y. Federal Judge Orders Parties in Safebuilt Action to Consummate Settlement by Sept. 15

NEW YORK — A New York federal judge has ordered the parties in a $9.3 million reinsurance fraud action involving the Safebuilt Reinsurance Program to consummate settlement of all claims and counterclaims by Sept. 15.

Judge Colleen McMahon of the U.S. District Court for the Southern District of New York granted the extension on July 17. Counsel for the parties noted in a letter to the judge that a settlement, mutual release agreement, novation agreement and termination agreement have been executed.

Under the “Safebuilt Reinsurance Program,” Safebuilt, an entity controlled by David Pike and Philip Salvagio, was to underwrite primary ...

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